Beat the scammers and select the right wealth manager for you

One unfortunate consequence of the global pandemic is a rise in the number of investment scams. Many of these offer the prospect of very high returns, and with interest rates on traditional savings being so low, it can be very tempting. But the age-old adage is never more true than here: if it sounds too good to be true it usually is.

Emma Parkes, who runs our specialised investment service for Yacht Crew, shared some valuable insights into the murky world of investment scams when she spoke at a recent Life After Yachting Event. There were practical tips on how to tell the difference between a genuine investment offer and a fraudulent attempt to mislead people into parting with their hard-earned savings.

The presentation delivered by Emma, which can be viewed on the LAY (Life After Yachting) YouTube channel, also covered advice on what key questions investors should ask when selecting a wealth manager or financial adviser. This can be a daunting process for inexperienced investors and the worry is that they can get lost in all the jargon and fail to get the information required to make an informed decision.

Examples of the recommended questions included checking the regulatory status of the firm in question, checking how the relationship between client and adviser will work in practice, an explanation of the investment philosophy, and clarity on the costs. Emma said later :

"Unfortunately investment scams have increasingly become a feature of modern life so I was grateful for the opportunity to raise awareness of the risks. The more we educate people on how to spot a fraud the more chance we have in preventing the distress that can result.

On a more positive note, I welcome the chance to support prospective investors, in finding a trusted adviser to guide them through the complex world of investing. Getting it right can be the key to achieving those financial goals."

To learn more about the Church House investment service for Yacht Crew, please follow this link or indeed contact us on 020 7534 9870 (London office) or 01935 382620 (Sherborne office).

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